Teekay (NYSE:TK) Shares Pass Above 200-Day Moving Average – Here’s What Happened

Shares of Teekay Corporation Ltd. (NYSE:TK) passed above its two hundred day moving average during trading on Thursday . The stock has a two hundred day moving average of $12.19 and traded as high as $14.12. Teekay shares last traded at $14.0990, with a volume of 451,841 shares traded.

Analysts Set New Price Targets

Several analysts have recently weighed in on the company. Weiss Ratings upgraded Teekay from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Friday, September 4th. Wall Street Zen raised shares of Teekay from a “hold” rating to a “buy” rating in a research note on Saturday, August 22nd. One research analyst has rated the stock with a Buy rating, According to data from MarketBeat, the company has a consensus rating of “Buy”.

Teekay Stock Up 2.0%

The company has a market cap of $1.25 billion, a P/E ratio of 6.91 and a beta of 0.25. The firm has a 50 day moving average of $12.04 and a 200-day moving average of $12.20.

Teekay (NYSE:TK) last released its quarterly earnings data on Friday, July 31st. The shipping company reported $0.79 EPS for the quarter, topping the consensus estimate of $0.11 by $0.68. Teekay had a return on equity of 7.91% and a net margin of 15.78%.During the same quarter in the prior year, the company posted $0.22 EPS.

Insider Transactions at Teekay

In related news, Director Rudolph Krediet sold 63,042 shares of Teekay stock in a transaction dated Wednesday, June 17th. The stock was sold at an average price of $11.80, for a total value of $743,895.60. Following the completion of the sale, the director directly owned 35,167 shares in the company, valued at $414,970.60. The trade was a 64.19% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Kenneth Hvid sold 132,884 shares of the company’s stock in a transaction dated Friday, September 11th. The stock was sold at an average price of $14.28, for a total transaction of $1,897,583.52. Following the completion of the sale, the chief executive officer directly owned 105,500 shares of the company’s stock, valued at approximately $1,506,540. This trade represents a 55.74% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 271,018 shares of company stock worth $3,555,523. Corporate insiders own 2.38% of the company’s stock.

Hedge Funds Weigh In On Teekay

Hedge funds and other institutional investors have recently modified their holdings of the business. Public Employees Retirement System of Ohio purchased a new stake in Teekay during the second quarter worth $33,000. Transamerica Financial Advisors LLC increased its holdings in shares of Teekay by 250.8% in the 4th quarter. Transamerica Financial Advisors LLC now owns 4,378 shares of the shipping company’s stock valued at $40,000 after acquiring an additional 3,130 shares during the period. Zions Bancorporation National Association UT bought a new position in shares of Teekay in the 4th quarter worth $43,000. Cubist Systematic Strategies LLC purchased a new stake in shares of Teekay during the 1st quarter worth $48,000. Finally, Pinnacle Holdings LLC purchased a new stake in shares of Teekay during the 2nd quarter worth $62,000. 46.73% of the stock is currently owned by institutional investors.

Teekay Company Profile

Teekay Corporation (NYSE: TK) is a global provider of marine transportation and offshore production solutions for the energy industry. Founded in 1973 and headquartered in Vancouver, Canada, Teekay designs, owns and operates a diversified fleet of tankers and floating production, storage and offloading (FPSO) units. The company specializes in the movement and storage of crude oil, liquefied natural gas (LNG) and liquefied petroleum gas (LPG), offering integrated services that range from tanker transport to offshore production and marine maintenance.

Teekay’s core business is organized into three operating segments.